8A — July 23 - August 19, 2021 — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
F inancial D igest March Associates Construction served as construction manager for multifamily building Procida Funding’s $18.5Mconstruction loanfinalizes 122-unit micro-apartment building in Jersey City
ERSEY CITY, NJ — New Jersey-based com- mercial real estate lender P rocida Funding, LLC announced the recent payoff of an $18.5 million construc- tion loan. Provided to Stra- tegic Properties, LLC on June 7, 2019, loan proceeds were utilized for the devel- opment of the “Nest Micro- Apartments,” a 122-unit micro-apartment building in the Journal Square Section of Jersey City. Thanks to a great sponsorship team and March Associates Con- struction, Inc. , the project J
job; not to mention that this property was the first of its asset class in the area. How- ever, with our local presence and expertise, we were able to mitigate those risks in order to perform seamlessly for the sponsor,” said vice president of Procida Fund- ing Brian Foley . “This is a product I think we will be seeing much more of,” noted vice president of Procida Funding Derek Weissman . “This is a perfect example of how we can help our clients throughout the development process. We worked with the sponsorship team to replace their GC with March Con- struction and proceeded to provide aid throughout the life of the project to ensure its success. Our team was on site multiple times a week. We are thrilled to be part of such a transformative project.” The building is now open for leasing with tenants be- ginning to occupy its units. Apartments start at $1,395 and will be managed by Com- mon. Flip Sigi “The Original Filipino Taqueria” will be moving in this fall as they continue to expand their footprint throughout North Jersey. Procida Funding, estab- lished in 1995, provides capi- tal for a wide range of asset classes in the eastern region of the US, with a concen- tration in the New York metropolitan area. The firm uses both its own capital and that of its strategic partners, which includes private eq- uity funds and institutional lenders. The firm’s experi - ence as a borrower and de- veloper provides them with keen insight into how to be a creative and responsible lender and investor. The firm was named “Best Non-bank Lender in America” by REFI Magazine . Procida Advisors provides due diligence and asset man- agement services to develop- ers, financial institutions and private equity funds with a concentration on development, construction, bankruptcy, restructuring and marketing. The firm’s specific services include Development Manage- ment, Construction Supervi- sion, Restructuring, Crisis Management, Investment Banking, and Asset Manage- ment & Disposition. MAREJ
was completed and is cur- rently being leased. Nest Micro-Apartments is a 43,310-gross s/f class A mul- tifamily building with one ground-floor retail unit. The 122-unit micro-apartment building was constructed atop a 9,294 s/f vacant land parcel at 184-190 Academy St. in Jersey City. “When this deal initially came in, it had been heavily shopped in the marketplace with little success. The spon- sors had a relatively small track record and originally chose the wrong GC for the
Nest Micro-Apartments
Since 1995, Procida Funding has provided over $3 Billion in capital. Procida Funding provides capital for a wide range of asset classes in the Eastern region of the United States, with a concentration in the New York Metropolitan area.
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